Binance Coin Faces Key Resistance as Lorentz Upgrade Looms
Binance Coin (BNB) is hovering near the $600 mark, just below its recent high of $630. The price is 15% above its lowest point this month.The upcoming Lorentz upgrade on April 29 is a major factor influencing BNBS price.
The lorentz upgrade aims to make the Binance Smart Chain (BSC) one of the fastest in the crypto world. It will cut block time from 3 seconds to 1.5 seconds, reducing latency and speeding up transactions. This will boost decentralized applications’ performance on the network.
Following Lorentz, the Maxwell upgrade in June will further reduce block times to 0.75 seconds. These upgrades aim to compete with Solana and Ethereum. Solana has block times of about 0.4 seconds, while Ethereum’s is 12 seconds. the Lorentz upgrade comes after the Pascal hard fork,which improved Ethereum integration and introduced gasless transactions.
- Reduces block time to 1.5 seconds.
- Enhances transaction speeds and responsiveness.
- Developers hope BSC will rival Solana and Ethereum.
The BSC team seeks to catch up with Solana, known for its fast speeds and meme coins. Ethereum, with 12-second block times, is slower and costlier.BSC developers want to be a top alternative to these chains.
technically, BNB formed a triple-bottom pattern between $507 and $520. The coin is now consolidating at the 100-day and 50-day moving averages.
BNB’s price outlook is neutral. A rise above $620 could push it to $720.
For more details, check the BNB price chart for insights. A drop could retest the $507 level. A rise above $620 could see it reach $720, its June 2022 high. The upgrades aim to make BSC faster and more secure. The network seeks to outpace rivals like solana and Ethereum.Solana uses proof-of-stake and proof-of-history, making it faster. Ethereum is slower and costlier. the upgrades aim to make BSC a viable alternative. The price could jump if it breaks $620. The alternative scenario sees a retest at $507.The upgrades aim to make BSC a top choice for users.Stay tuned for these developments.
